Fantasy Gaming Industry's Growth In Jeopardy: Mr. Anurag Dwivedi Raises Alarm Over 28% GST Impact

Fantasy Cricket: Mr. Anurag Dwivedi, an expert, highlights the threat to Smaller Platforms and IPL sponsors.

Updated on: 19 August 2023 1:30 pm

Anurag Dwivedi

With the application of a 28% Goods and Services Tax (GST) on its activities, the expanding fantasy gaming business faces an unclear future. Concerns have been expressed by industry stakeholders regarding the potential ramifications of this judgment, which might ripple across the sector's ecosystem.

Mr. Anurag Dwivedi, a well-known person in the fantasy cricket sector with vast industry experience, has expressed concern about the application of GST. "The repercussions of this move could be far-reaching," he warned. "It could lead to a mass exodus of users, resulting in a significant drop in engagement." While the larger industry players may be able to weather the storm, smaller platforms and new users may face the burden."

He also emphasized the impact on newcomers growth chances. "This decision seems to disregard the industry's upward trajectory," Mr. Dwivedi said. "Due to the increased financial burden, amateurs looking to learn and thrive in the fantasy gaming space may find themselves at a disadvantage." The industry's once-unrivaled accessibility may be jeopardized."

The GST judgment has ramifications for agreements between fantasy gaming platforms and major sporting events such as the IPL. "Fantasy gaming apps are prominent sponsors of events like the IPL," said Mr. Dwivedi. "This decision may cause unexpected problems for these sponsors, potentially jeopardizing the synergy between the gaming industry and major sporting events."

The fantasy game industry had grown significantly, attracting people from all walks of life. The adoption of a 28% GST, on the other hand, adds a layer of uncertainty that threatens to derail this expansion. Mr. Dwivedi's comments underscore the industry's varied challenges as it navigates this new terrain.

All eyes are on future developments as the industry grapples with the repercussions of the GST decision. Stakeholders are actively participating in talks to address concerns and identify viable solutions in order to keep the sector vibrant and accessible.